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An update on the Hackney Pension Fund
11th March 2025
In Hackney, we continue to call for an end to the death, destruction and suffering we’ve witnessed throughout the conflict in Israel and Palestine, and that continues despite the current status of ceasefire and the desperate need for humanitarian aid.We also recognise the strength of feeling that has been shown, in our borough and beyond, that the actions of public authorities here in the UK should not contribute to conflict or suffering elsewhere – particularly with regard to our ethical position on upholding human rights, our ambition to be a borough of sanctuary and pension funds investment. We have listened to public concerns, engaged with campaigners, and taken seriously residents exercising their democratic rights.We have a responsibility to be honest and transparent about what we can and cannot do with regard to our pension fund holdings. We are aware that some local authorities have made public commitments to divesting from pension holdings, but have not yet seen changes to the funds they hold.The Hackney Pensions Committee has a legal obligation not to take any action that would have a detrimental financial impact on the Pension Fund of its scheme members, and its position is that it cannot risk breaching this legal obligation.This does not mean it isn’t committed to responsible investment. In Hackney, we have been ambitious in decarbonising our pension fund investments, and divested from holdings linked to Russia because our legal obligations allowed us to do so. The widespread imposition of sanctions on Russia meant that there were long-term financial concerns associated with the assets – divestment decisions are permitted by the Law Commission guidance where there is a clear financial rationale for doing so.Hackney is now a signatory of the UK Stewardship Code, which recognises the Hackney Pension Fund as one of a few local government pension scheme providers and pools that adheres to the highest ethical, environmental and social standards for investing money.Earlier this year, the Pension Fund conducted a survey of its members, with more than 1,000 people giving their views on a range of responsible investment issues. The Pension Committee is now considering how this input will shape the fund’s approach and policies, while continuing to balance this against the fund’s responsibilities to its members.That will not mean major changes to how the Pension Fund operates overnight. It will, however, ensure that ethical investment, human rights and tackling the climate emergency remain at the forefront of the Fund’s agenda.Caroline Woodley, Mayor of Hackney
Return of £5m investment offer to support local climate action
4th March 2025
Residents and businesses can again invest in local sustainability projects while earning a fixed annual interest rate of 4.2%. Hackney’s Green Investment programme is looking to raise £5m to fund a range of local climate projects, such as solar panels on schools and council homes, and the rollout of Hackney’s sector-leading EV charging network. This week, the second phase of the investment launched, which is helping fund energy-saving windows at a local school and other green projects in Hackney. Building on the success of last year's £600,000 fundraising round, this phase aims to raise an additional £500,000 towards the target of £5 million by 2030. People can invest from £5, with the investment offering a fixed rate of return of 4.2% interest a year over a five-year term. Investments support local climate action as part of Hackney’s mission to create a cleaner, greener borough. This includes: Solar panels and energy efficiency measures across Council homes and local schools to help cut bills and reduce emissionsEV charging points across Hackney, as part of the Council’s sector-leading rollout of charging infrastructureReplacement windows to improve energy efficiency in local schoolsThe investment process is being managed by Abundance Investment, a leading platform facilitating ethical and sustainable investments, on behalf of Hackney Council. Abundance has worked with 13 councils across the country to issue investments like this, which have raised over £11 million since 2020. Returns on investments will be paid every six months into investors' Abundance accounts, offering flexibility to withdraw or reinvest funds as desired.The investment period is open until 31 May. To find out more and make an investment, visit: abundanceinvestment.com/council/hackney Notes to editors: Investments are long term and may be hard to sell. Council investments are not a savings account and you are lending money to a council. Changes in market interest rates may affect the value of your investment if you sell before maturity. Approver: Abundance investment (FRN 525432). Approval date: 28/02/25Abundance’s service in relation to council investments (P2P loans) is not covered by the Financial Services Compensation Scheme (FSCS). Tax treatment depends on your individual circumstances and may be subject to change in the future.Holding investments in an IFISA does not reduce the risk of the investment or protect you from losses. You can still lose all your money. It only means that any potential gains from your investment will be tax free. The tax treatment of your investment will depend on your individual circumstances and may change in the future.Hackney Green Investment, which is a loan, is Green Loan Principles compliant and is being issued under a Green Finance Framework. This is a voluntary standard which sets out how Hackney Council intends to manage its green local authority securities in the future, and outlines how they will meet the Green Loan Principles. This assures investors that funds raised can only be used to help them deliver on eligible green projects from within this framework, and Abundance will monitor the use of funds across the investment term to ensure the principles are being adhered to.